(Alliance News) - Sigma Capital Group PLC said Tuesday it has acquired two development sites in east London, marking the company's expansion of its build-to-rent activities into the city.
The real estate developer first acquired an 80-unit development site at Beam Park in Dagenham, and a 77-unit development site at Fresh Wharf in Barking. Sigma did not disclose the acquisition price, but said that both sites have a combined gross development cost of GBP43.8 million.
For the Beam Park scheme, Sigma will be working with FTSE 250 housebuilder Countryside Properties PLC and L&Q New Homes, and expects the site to be completed by Spring 2021.
Sigma also will work with Countryside Properties again for the Fresh Wharf scheme, and with Notting Hill Developments. The site is expected to be completed towards the end of next year.
"We are delighted to announce the expansion of Sigma's build-to-rent activities into London, with the acquisition of our first two sites at Fresh Wharf in Barking and Beam Park in Dagenham. This is an exciting first step for the company into a new key geography," said Chief Executive Officer Graham Barnet.
"The move into London means that Sigma's property delivery platform now reaches across most of the mainland UK, providing us with significantly increased development opportunities. It also takes our letting brand, Simple Life, into the London market," Barnet added.
Shares in Sigma Capital were up 2.9% at 107.00 pence, while Countryside Properties shares were down 2.0% at 310.60p, on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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